- Oil stocks in the US declined more than expected last week.
- WTI continues to trade in positive territory above $ 48.
The change in crude oil stocks in the US it was -6.1 million barrels in the week ending December 125, revealed on Wednesday the weekly report released by the US Energy Information Administration (EIA). The analysts’ estimate was for a decrease of 2.5 million barrels.
Market reaction
The West Texas Intermediate (WTI) barrel rose slightly after this report and was last seen gaining 0.45% on the day at $ 48.30.
Additional conclusions
“Inputs to US crude refineries averaged 14.3 million barrels per day for the week ending December 25, 2020, which was 273,000 barrels per day more than the previous week’s average.”
“US crude imports averaged 5.3 million barrels per day last week, 238,000 barrels per day less than the previous week.”
“Total products supplied during the last four-week period averaged 19.1 million barrels per day, 6.4% less than in the same period last year.”
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